FAQ


About Rent Tycoons

What is Rent Tycoons? 

How does Rent Tycoons work?

Why should you rent? 

What are the general terms of use?

How can I contact Rent Tycoons? 

What is Rent Tycoons’ Payment Processing System?

 

New User Registration And Account Setup

Is it free to register with Rent Tycoons? 

What personal information do I disclose to Rent Tycoons? 

I forgot my user name and password. What do I do?

 

Posting Items For Rent

What item can I post to Rent Tycoons?  

What fees do I pay for listing an item on Rent Tycoons?

Who dictates delivery and return instructions?  

How do I set my rental prices?

Can I place a security deposit for my items? 

How do I upload pictures to my posting using my MacBook?

How do I change the status of the item to "RESERVED"?

 

Searching Items For Rent 

How can I find what I want to rent?

I cannot find an item or service I want, what should I do?   

 

Renting Items From Your Community

What can I rent? 

I found what I want, how can I rent the item or service?

What fees does the Renter pay for using Rent Tycoons? 

What fees does the Owner pay for using Rent Tycoons? 

I have a question for the item Owner. How can I contact the Owner?

Who dictates delivery and return instructions?

Where can I find the payment Security Code?

After reserving the item or service, I was given a Security Code. What do I do with it?

Renter gave me a "Security Code" when he/she picked up the item. What do I do now?  

When do I meet the Owner to pick up the item I have rented?

Who do I pay for the rental charges and security deposit? 

When do I pay for the rental charges and security deposit?

Do I have to give out my credit card information to Rent Tycoons?  

The item description posted on the Web site is different from what I saw when I went to pick up the item. Can I refuse the item?

The item I rented was different from the item description posted online, but I still rented it anyway. Am I still liable for the item?  

When using the item, I caused minor damages to the item. What do I do? Do I pay for the full amount? 

What happens if items are damaged? 

How is the security deposit handled by Rent Tycoons? 

Does Rent Tycoons provide insurance? 

What is the payment/transaction method used by Rent Tycoons?

Do I need to have a PayPal account?  

I had a good rental experience. How can I rate my experience?

  

 

About Rent Tycoons (back to the top)

What is Rent Tycoons?  

Rent Tycoons is an online marketplace that facilitates peer-to peer-renting in Singapore.

Our portal enables you to do the following:

  1. Make money by putting your items/services up for rent.
  2. Save money by searching and renting items/services that you need.
  3. Submit a request for desired items/services that are not yet available on the portal.

How does Rent Tycoons work?

Our portal allows owners to upload their items/services for interested renters to rent at a fee (based daily, weekly or monthly rates). Owners set their own rental rates and security deposit fee(s) required for their items/services. 

To have an overview of the entire renting process, please refer to How It Works.

Why should you rent?

  • To save money. Renting might be a cheaper alternative to buying.
  • To save space. Buying something means it occupies a physical space in your house.
  • To try the item before you buy it. Make more informed buying decisions.
  • Renting out your items to make additional income; maybe even start your own rental business.

Renting goes beyond money-making and money-saving purposes - more importantly, it encourages the sharing and reuse of items. 

What are the general terms of use?

Please refer to Rent Tycoons "Terms of use", "Privacy Policy", "Rental Policy", "Prohibited Items" located on the footer of every page of the Website.

How can I contact Rent Tycoons?

On the right border of every page of the Web site, there is a "Feedback" button that can be clicked to send feedback.

What is Rent Tycoons’ Payment Processing System?

Once the status of an item is “Reserved”, Rent Tycoons generates a unique security code to a Renter. Renter will give the security code to an Owner in exchange for the Owner’s item. The security code is used by the two parties to authenticate the transaction. The Owner will claim his rental income by validating the security code in the Rent Tycoons’ website.

 

New User Registration And Account Setup (back to the top)

Is it free to register with Rent Tycoons?

Yes. Registration is absolutely FREE. As a registered member, you can post your items on the website for FREE and you can search for available items or services near your location for FREE!

What personal information do I disclose to Rent Tycoons?

The only personal information Rent Tycoons requires from you is your name, location, and email address. However, to build your reputation on Rent Tycoons and gain the trust of potential Owners/Renters, we encourage you to provide additional information on the "Manage My Profile" page.

I forgot my user name and password. What do I do?

On the top right hand corner, you can choose "Sign in" to log on to the Web site or change your password. Your user name is the email address you registered with Rent Tycoons. After entering your user name, click on the link for "Forgot Password". Once clicked, a notification with instructions will be sent to your registered email address.

 

Posting Items For Rent (back to the top)

What item can I post to Rent Tycoons?

You can post any item you own or a service you can provide. Items and services should be transactional and must abide by the requirements of Rent Tycoons' "Terms of Use", "Rental Policy", "Prohibited Items" Policy, and other terms and conditions listed on the website, as well as local regulations. Rent Tycoons is NOT responsible for any consequences resulting from the listing of unlawful items and services.

What fees do I pay for listing an item on Rent Tycoons?

Listing an item or service is FREE.

Who dictates delivery and return instructions?

Some Owners may agree to deliver the item to you, while others may request that you pick up the item at a specific location. This is usually specified by the Owner at the time of the listing of the item or service. Some Owners may provide additional information on the Pick up & Return Instructions section, which will be displayed on the item description page.

How do I set my rental prices?

The Owner has the freedom to set his/her own rental price for his/her items or services. It is recommended that the pricing of an item or service be set at a reasonable percentage of its retail price to attract potential Renters. 

Can I place a security deposit for my items?

Yes. Rent Tycoons provides the Owner with the option to request a security deposit for each of the item listed. The Owner can determine the value of the security deposit for the item. The Owner will receive the security deposit from Rent Tycoons when he/she claims the payment and deposit. The Owner can refund the security deposit to the Renter by cash or bank transfer.

How do I upload pictures to my posting using my MacBook?

Using your cursor, hover over the top of the thumbnail box (highlighted in green in the visual). The hand icon should appear and you will be able to click to upload a file from your computer.

Upload Pictures using MacBook

How do I change the status of my item to "RESERVED"?

When the renter makes his/her reservation and payment via RentTycoons.com, the system will automatically change the status of your item to "Reserved" with the expiry date displayed next to the Item Status.
 
If you just want to de-list your item because it is currently not available for rent, you can do it your own via your laptop internet browser by going to Manage Items > Inventory and go to the item and click on delist. The status of the item will change to "Reserved".

 

Searching Items For Rent (back to the top)

How can I find what I want to rent?

Rent Tycoons has the cutting edge search platform. Our website will help you find items you need based on your location. You can use our search feature to o find exactly the item or service you are looking for.

I cannot find an item or service I want, what should I do?

Rent Tycoons has a feature called "Request Item" where you can request for the item you are seeking in your area. Rent Tycoons users will be able to view any item requested and can offer the item for rent.

 

Renting Items From Your Community (back to the top)

What can I rent?

You can rent any item or service that is available on the Rent Tycoons’ website. Rent Tycoons is not responsible for any consequences resulting from renting any unlawful items or services. Please refer to Rent Tycoons' "Terms of Use", "Rental Policy", "Prohibited Items" Policy, and other terms and conditions listed on the Web Site for further information.

I found what I want, how can I rent the item or service?

After you have found the desired item or service and you have agreed to the conditions of the Owner, you can follow the simple step-by-step process below to make payment to reserve for the item or service. 

  1. Log into your Rent Tycoons' account first.
  2. Go to the item/service in Rent Tycoons and click on "Rent Now" button
  3. Fill out your particulars, enter the start date & end date of the rental period, and click update.
  4. Click on "Proceed to Make Payment" button
  5. Make payment via bank transfer or PayPal or Credit Card (via PayPal)

After you have made your payment, you will get a rental contract that contains the owner's phone number and the payment security code. The Owner will be notified when you have successfully reserved an item or a service. You can call the owner to arrange for the pick up or delivery of the item.

Please note that you will get your security deposit after you have returned the item to the owner.

What fees does the Renter pay for using Rent Tycoons?

The Renter does not pay any fees for using Rent Tycoons. The Renter is only responsible to pay for the Rental Charges + Refundable Security Deposits to the Owner

What fees does the Owner pay for using Rent Tycoons?

Listing an item or service is FREE. The Owner will be charged 20% (effective from 1st March 2016) success fee, which Rent Tycoons will deduct from the total Rental Charges, upon making a successful transaction.

I have a question for the item Owner. How can I contact the Owner?

Every item posted on Rent Tycoons contains the general information of the Owner of the item. The potential Renter can contact the Owner via the "Message Owner" tab on the item details page.

Who dictates delivery and return instructions?

Some Owners may agree to deliver the item to you, while others may request that you pick up the item at a specific location. This is usually specified by the Owner at the time of the listing of the item or service. Some Owners may provide additional information on the Pick up & Return Instructions section, which will be displayed on the item description page.

Where can I find the Security Code in the website?

You can find the payment Security Code from the three places below:

  1. Successful Reservation email
  2. Manage Items > Rented From Others (if you are using your laptop or desktop browser)
  3. Renter > Rented From Others (if you are using your mobile phone browser)

After reserving the item or service, I was given a payment Security Code. What do I do with it?

When you receive the email confirmation that you have reserved an item, you will be issued a unique Payment Security Code that must be given to the Owner when you meet him/her in exchange for the reserved item.

Renter gave me a "Payment Security Code" when he/she picked up the item. What do I do now?

The payment Security Code given to the Owner is an innovative way to reassure the fact that the Renter has the funds to rent your item or service. When you have received the code, you can sign in to Rent Tycoons’ website and enter the security code in the “Claim Rental Income” feature on the user menu after you sign in to Rent Tycoons.

When do I meet the Owner to pickup the item I have rented?

Follow the Pick up & Return instructions on the Item Description page. You can also send a message to the Owner to make arrangements to have the item delivered or to pick up the item.

Who do I pay for the rental charges and security deposit?

Renter will pay the rental charges and security deposit to Rent Tycoons which will transfer them to the Owner via Bank Transfer after the owner submits the payment security code to Rent Tycoons.

When do I pay for the rental charges and security deposit?

At the time of making the reservation you are required to pay the total rental charges and security deposit for the rental. The rental charges and security deposit can be paid via Paypal or Bank Transfer.

Do I have to give out my credit card information to Rent Tycoons?
No. All financial transactions will take place via PayPal secure payment methods or Bank Transfer.

The item description posted on the Web site is different from what I saw when I went to pick up the item. Can I refuse the item?
Yes. Owners are expected to provide accurate description for their items or services. If you are not satisfied with the item or service, you can refuse the item and inform Rent Tycoons community via the evaluation form.

The item I rented was different from the item description posted online, but I still rented it anyway. Am I still liable for the item?
Once you take possession of the item you agree to abide by the rental terms, including payment of rental charges that the Owner provided. Be absolutely sure to review the condition of the item and read through the rental agreement terms before you take the item or engage the service.

When using the item, I caused minor damages to the item. What do I do? Do I pay for the full amount?
When you return the damaged item to the Owner, you must inform the Owner of the damages. It is the responsibility of both parties to reach an agreement on compensation for the damages. Rent Tycoons will not get involved in the mediation between the Owner and the Renter. Rent Tycoons assumes no liability for the damages caused to any item(s).

What happens if items are damaged?
If items are damaged, it is the responsibility of the Owner and the Renter to negotiate the damages and reach an agreement on what percentage of the deposit should cover the damages. Rent Tycoons is not responsible for any damages to an item(s).

How is the security deposit handled by Rent Tycoons?
When a reservation is made by the Renter, Rent Tycoons will transfer the full amount of the security deposit to the Owner. When the rental transaction is completed, Rent Tycoons will notify the Renter to return the items in exchange for the security deposit and will also notify the Owner to pick up the items and return the security deposit. The Owner can refund the security deposit to the Renter by cash or bank transfer. If the Owner finds that the item is not returned per the original agreement, the Owner is given the option to charge the security deposit either partially or fully.

If the Owner decides to charge the security deposit, Owner will deduct the security deposit partially or fully before returning it to the Renter. Rent Tycoons is not responsible for holding and/or refunding security deposit. 

Does Rent Tycoons provide insurance?
No. Certain home owners insurance, renters insurance, or other types of insurance MAY cover your transaction. Rent Tycoons is not responsible for insurance or verification of insurance. Owners and Renters are responsible for researching any insurance requirements prior to renting items or services.

What is the payment/transaction method used by Rent Tycoons?
At Rent Tycoons, we use PayPal or Bank Transfer as the secure transaction method.

Do I need to have a PayPal account?
Yes. We greatly recommend you to open a PayPal account to execute rental transactions on Rent Tycoons. Signing up for a PayPal account is quick and easy.

I had a good rental experience. How can I rate my experience?
Rent Tycoons require Renters and Owners to provide their feedback after every transaction. Upon completion of a transaction, you will receive a email notification to provide the other party with feedback. You can rate your experience and it will be visible on Rent Tycoons’ website for other visitors to view. You can also rate the item you rented to provide the Rent Tycoons community with insight on the item.

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